Advanced Authentication Market Size, Share Worth USD 38.33 Billion in 2032| Emergen Research

The global advanced authentication market size was USD 12.65 Billion in 2022 and is expected to register a revenue CAGR of 11.7% during the forecast period, according to the latest analysis by Emergen Research. The demand for advanced authentication software is rising as a result of factors such as rising mobile and Internet adoption, the emergence of more digital portals and payment platforms, the importance of protecting personal information, and cybersecurity threats. These factors are expected to drive market revenue growth. Government regulations and industry standards require stronger authentication techniques, which significantly drive market revenue growth.

The requirement for businesses to use advanced authentication tools to comply with laws such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS) is driving the market revenue growth. The use of cloud-based services and remote working settings is creating a high demand for cloud-based authentication solutions. The scalability, centralized control, and flexibility provided by cloud-based improved authentication, which is increasing the necessity to use the software in various industries, enable organizations to protect access to cloud resources and ensure secure remote access.

Rising demand for a low-carbon future and smaller and decentralized power generation units is expected to continue to present future growth opportunities for players operating in the global Advanced Authentication market. Leveraging of clean sources of power generation, which are cost-effective, such as solar, wind, and hydro, is contributing significantly to growth of the Advanced Authentication market, and the trend is expected to continue over the forecast period. Rising need to reduce dependence on fossil-fuel-based power generation is another factor projected to drive demand for virtual power plants.

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The major companies Covered in the report are:
Fujitsu, Thales, NEC Corporation, Broadcom, Dell Inc., Safran, ValidSoft Group, BIO-key International, SecurEnvoy Ltd, and Absolute Software Corporation.

Some Key Highlights From the Report

• The biometrics segment is expected to register a significantly fast revenue growth rate over the forecast period. The need for data security has increased recently as more data is being managed by individuals and in different industries. Businesses are taking steps to make the process more trustworthy and fraud-free. Artificial intelligence and machine learning developments have sped up the analysis of biometric data, making the technology more practical and approachable. Terrorism and cybercrime have increased the necessity for biometrics as a method of multi-factor authentication. Businesses have used passwords to protect their data and assets for a very long time. However, password security has become less effective as processing speeds have risen and cryptanalysis methods have advanced. Therefore, a more advanced method of authentication like biometrics is required, which is likely to drive revenue growth of this segment.

• The single-factor authentication segment accounted for a comparatively large revenue share in 2022. The demand for advanced authentication is rising as a result of individuals becoming more conscious of the importance of secure digital transaction processes, which is expected to further drive revenue growth of this segment. As a result of the sharp increase in data breaches, many firms, notably those in the healthcare and financial sectors, are coping with growing legal requirements for data privacy and security. For advanced authentication, compliance with these requirements is frequently necessary. In addition, in the post-COVID-19 environment, consumers are increasingly likely to use digital portals for data storage and payment purposes, resulting in the need for higher levels of security than passwords. These factors are leading to an increase in the need for single-factor authentication across a number of industries, including healthcare, Banking, Financial Services, and Insurance (BFSI), IT & telecom, and others.

• The BFSI segment is expected to register a significantly fast revenue growth rate over the forecast period. The demand for installing advanced authentication in the financial and banking sectors is further expanding owing to the rise in cyberattacks and the significance of data security owing to the utilization of huge amounts of data. As conventional authentication methods become increasingly vulnerable to attacks, the use of biometric authentication is growing in the BFSI sector. Biometric elements such as fingerprints, iris scans, and facial recognition provide customers with a higher level of security and convenience. Financial institutions are incorporating biometric authentication into their systems to strengthen identity verification processes and reduce the risk of unwanted access. Individuals are more likely to engage in online banking and digital payments post-COVID-19 owing to the recent trend of digitalization. Such factors are creating a high demand for advanced authentication in BFSI sector, thus is expected to drive revenue growth of this segment.

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The global Advanced Authentication market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Advanced Authentication sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Emergen Research has segmented the global advanced authentication market on the basis of authentication methods, authentication type, end-use industry, and region:

Authentication Methods Outlook (Revenue, USD Billion; 2019-2032)
o Smart Cards
o Biometrics
o Mobile Smart Credentials
o Tokens
o User-Based Public Key Infrastructure
o Others

Authentication Type Outlook (Revenue, USD Billion; 2019-2032)
o Single-Factor Authentication
o Multi-Factor Authentication

End-Use Industry Outlook (Revenue, USD Billion; 2019-2032)
o BFSI
o Healthcare
o Government
o Defense
o IT & Telecom
o Others

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